Credit Union Affairs

Monday, April 01, 2013

"Here We Go Again" ....

Gives me the Willies,just thinkin' about it...

Sounds like a good intro line for a country song doesn't it! But that's not where we're headed....Remember that little GAC brouhaha about "illegal investments" for the National Credit Union Foundation (NCUF) through Members Trust and "The Faz" saying stuff went out of the NCUA national exam office over his signature all the time about which he had no idea... Ha, Ha, Wink-Wink, Ho, Ho !!!(See 2/27/2013 post).Nah, folks don't remember it because "stuff"gets swept under the rug these days when it comes to the Agency and no one seems to be "watchdogging" the follow-up story - a role which use to be handled by our trade associations....As you'll recall from the 2/27/2013 post, Tom

Unite for Goats !!

Walker, CEO of Members Trust, had clearly done due diligence in spades with NCUA, to create this wonderful investment vehicle for NCUF charitable endeavors. One of those "Unite for Goats" good news stories which CUNA has"themed-up" for 2013 !!The capstone to Members Trust's research was the regulatory approval (see 11/3/2011 email) from Mr. Lance Noggle of the Office of the General Counsel (OGC) at the NCUA.... but evidently - a year and a half later - the NCUA OGC's own, in-house opinion wasn't good enough for The Faz!Well, thought, why not just go to the source - Mr. Lance Noggle - and find out what the truth really is about the legality of all this? But, ran into a little problem; guess where he is ...

...Amazing what you find,under the edge of the astro turf ......and still haven't heard if NCUAis "legal" yet, have you?

3 comments:

Let's see how about General Hospital? Nope already taken. How about "One life to Live?". Nope already taken. How about CUNA does NCUA? Nope it's a reality show so lets be real! Ok how about NCUA does CUNA and the CU's? Love it get those duck guys in here I want to fire them personally I think we got a hit on our hands!!!!

Jim, Do you really think CUNA is going to investigate the NCUA? And who runs CUNA? CUNA President Cheney reports a salary (2011 IRS form 990) of $1,129,651. How can anyone plan for retirement with a $1M+ salary? They can't so CUNA provides an additional $172,500 in Deferred Compensation. CUNA President is the credit union's industry lead lobbyist. The same Cheney who served on the Board of Directors at USCentral & WesCorp FCU. See where that Director leadership got us? How much did that Director talent cost the credit union community? The same Cheney that went from WesCorp Director to WesCorp DEFENDANT after the conservatorship. So for a time the NCUA held Cheney as a WesCorp FCU DEFENDANT. Now he leads the trade association. And finally CUNA goes silent on NCUA Board appointments. CUNA has been bought and paid for from the credit union community. Keep paying your CUNA dues and contribute heavily to CUNA PAC. At a salary of $1,129,651 + Deferred Compensation of $172,500 we have the best CUNA President MONEY CAN BUY! NCUA let Cheney walk away from the lawsuit - dismissed him with a "free pass." Quid pro quo? You tell me. It is pretty quiet over at the CUNA CEO throne.

Subscribe To

Jim Blaine lives in the woods in rural North Carolina. He is slightly balding, can be testy, is not getting thinner, has been known to argue and has at least one opinion on everything. Jim thinks he can dance, but he really can’t; likes most people and some dogs. He is a graduate of UNC-Chapel Hill, holds an MBA from Duke University and is also a CPA (inactive). Jim has worked with the State Employees’ Credit Union and has served unsuccessfully on numerous boards and committees. His grandchildren call him “Sweetbaby", but they are still too young to know better.